Education Expenditure and Economic Growth in Nigeria Essay

instruction is a process in which knowledge and friendly capabilities demanded, are acquired. It is to a nation, what the mind is to the body, just as a decedent mind is handicapped in the co-ordination and direction of the bodily activities setbacks in the direction scheme would act as a hindrance to economic development. olibanum, the integrity most signifi assholet complex of social-control tools for national development is found in the preparational system be it formal or informal. (Uwadia , 2010).It is also genuine that the development of any nation depends largely on the development of the charitable population in that nation which can majorly be improved through and through fosterage. Smith (1937) stressed the significance of education in human expectant formation. Therefore it follows that a reduction in the investment in education would affect the stock of the overall human capital base and productivity. Thus investment on education is considered to be a critica l member to alleviate poverty, reduce unemployment and extend economic growth (Chukwu, 2011).It is with this knowledge that The UNESCO recommended that 26% of the annual budget be allocated to the Education celestial sphere and the agreement mingled with the Federal Government and Staff unions on October 22, 2009 was also aimed at the usefulness of the education welkin. However in our plain we would realize that a body politic like Nigeria has been operating below the percentage recommended by UNESCO as our startgo on education usually lies around 5.3%. According to the Federal Ministry of Education (2003), the educational system in Nigeria faced ill periods between 1979-1995 delinquent to resurgence of instability and financial inadequacies in the management, and was affected by the planetary economic downturn of the 1980s.In response to this, the Federal Government by and by increased the budget allotment to education in the following years. These maturations can be observed from 1995-2004 whereby education intake increased from N12,816,400,000 in 1995 to N93,767,886,839 in 2004. A total increase in expenditure by 631.63%. such a huge increase in education expenditure should bulge out a relatively large increase in the Nigerian education system.It is however apparent that the growth of the Nigerian economy has led to an increase in the interior(a) budget allocation to education over the years but how this in turn has played a role in the development of the Education sector, remains a puzzle unsolved. All these kindle the conduct of this study.In this vain, it is expected that in a developing state of matter like Nigeria that seeks to achieve economic development, the increasing amounts pumped into the education sector result be utilized effectively and in turn will result to the development of Education in Nigeria. However, this is not the case.A passing(prenominal) glance at the quality of our education reveals that Nigeria is a lon g mode from reaching neither the promised land of Education for all by 2015 nor its wide dream of being one of the 20 best world economies by 2020. With more money driven into the sector and nothing to show for it, one can then infer that the cause of our torpid education system is not financial inadequacy. On the other hand, it may be a contributing factor. Hence the need for our study arises.In the light of this, this study is carried out with the aim of highlighting the relationship between education expenditure and the development of the education sector. Also, we shall show how the education standard is deteriorating despite the increment in budgetary allocations from 1995 to 2004.Explicitly, the objectives are as follows a.To determine and assess the prescript of Government expenditure on education. b.To ascertain the performance of the education sector in comparison to Government expenditure in the sector.This study is carried out on the Nigerian education sector with emph asis on Nigerias budget allocation to Education and so all resources and observations to be do are restricted to Nigeria. Data and information to be used in this query are secondary data obtained. These data are to be gathered between May 30th and June 17th, 2011.This research on the Nigerian Education sector shall be based on data from 1995 to 2004 (ten years). It was in this period that a steady increase in the budget allocation to the education sector was observed.Data required to carry out this research shall be extracted from The National Bureau of Statistics publications Federal budgetary allocations. Ministry of Education, Awka Zonal powerfulness The Joint Admission Matriculation Board (JAMB) Zonal Office The National Examination Council (NECO) zonal office The West Examination Council (WAEC). The Central chamfer of Nigeria Annual publications on the National budget.In this research paper, the ordinary least(prenominal) squared method will be employed using annual time series data (1995-2004), in order to assess the concussion of education expenditure on the development of the sector.This work will be done in the form of a research paper because it is an grow essay that presents out own interpretation, evaluation and argument. We have succeeded in mental synthesis upon what we know about the statement of the problem at hand.